Kinstellar’s team in Hungary has successfully advised a Hungarian company with a global presence in connection with the preparation and negotiation of a lease agreement for its new office headquarters. The deal is one of the largest transactions of its kind on the Hungarian real estate market. The Budapest office advised on various legal aspects throughout the transaction, the subject of which is the lease of more than 8,000 sqm in a Class A office building in Budapest. Kinstellar’s team was led by Partner Annamária Csenterics (Co-Head of the Hungarian Corporate/M&A service) and Of Counsel Mónika Frank (Co-Head of the Hungarian Real Estate service) and supported by Junior Associate Judit Sós.
Kinstellar is proud to announce that it has advised the Swedish appliances manufacturer Electrolux Group on the successful sale of its manufacturing facility in Nyíregyháza, Hungary, to the Swedish high-quality electric heat pumps manufacturer Qvantum for a cash consideration of EUR 38 million. The Kinstellar team was led by Barnabás Sági, Co-Head of the Budapest Real Estate service line, supported by Bertalan Ványa, Associate. The team also included Annamária Csenterics (Partner), Anna Szilágyi (Junior Associate), Judit Sós (Associate), Péter Vörös (Partner), Péter Gullai (Managing Associate), Dániel Péter (Managing Associate), and Szabolcs Szilágyi (Junior Associate).
On 12 September 2023, the Chamber of Deputies approved an amendment to the Labour Code after the legislation was returned by the Senate in July with several amendments. The Chamber of Deputies, however, ultimately approved the amendment in its original wording. After it is signed by the President, the amendment will come in to effect on the first day of the calendar month following its publication in the Collection of Laws (likely still in 2023). However, certain provisions concerning agreements on work performed outside employment relationships (e.g. regarding annual leave) will take effect on 1 January 2024. Major changes pursuant to the amendment to the Labour Code: Telework arrangements
The Czech Republic should soon have its own legal regulation for telemedicine. A government proposal is on its way to the Parliament to introduce a basic definition of telemedicine. Until now, there has been no legal definition, which in practice has led to many uncertainties and questions, including the possibility and conditions of provision by healthcare providers, but also, for example, the admissibility of reimbursement by health insurance companies. The proposed amendment to the Health Services Act should remove this uncertainty and will explicitly state that telemedicine is a legally permitted way of providing health services and will set out the framework conditions. Telemedicine services are defined
Turkey’s Competition Board (the "Board") rendered two significant decisions last year concerning online sales restrictions that provide a view forward for many undertakings. In its decisions, the Board scrutinised the commitment packages offered by BSH and Arçelik, two of the major small and large household appliances manufacturers in Turkey. The investigations against the companies (the “Investigations”) concerned whether Arçelik and/or BSH violated Article 4 of Law No. 4054 on the Protection of Competition (“Law No. 4054”) by preventing their authorised resellers from selling online and/or interfering with resellers’ resale prices. The Board accepted the commitment packages, which Arçelik and BSH revised
The first part of 2023 continued last year's trend of substantial changes to Romanian labour legislation, which is of real interest to both employers and employees. As such, both Law no. 53/2003 on the Labour Code (“Labour Code”) and Law no. 367/2022 on social dialogue (“Law on Social Dialogue”) have undergone several changes, some aimed at clarifying legal issues identified in practice and others at promoting flexibility at work and work-life balance. In this article, we present the latest legislative changes, as well as our recommendations for their implementation. I. Amendments to the Labour Code The latest legislative amendments continue the European and national policies implemented in recent
Kinstellar acted as the Czech counsel for the initial purchasers and lenders in connection with the debut offering by BENTELER International AG of two senior secured high-yield bonds due in 2028 with volumes of EUR 525 million and USD 500 million, together with the provision of a EUR 810 million syndicated term loan and a EUR 250 million revolving credit facility. The proceeds from the bond and the term loan will be used to fully refinance the existing restructuring indebtedness of the BENTELER Group. Headquartered in Salzburg, Austria, BENTELER Group is a global business dedicated to the conception and production of intricately crafted, customised components and modules tailored for the worldwide automotive sector, encompassing
Yesterday, 9 August 2023, the Ukrainian parliament adopted long-awaited amendments to the country’s competition law (the "Amendments"), which is the first step towards an extensive overhaul of Ukraine’s antitrust and merger control rules. The Amendments are pending the signature of the president and are expected to come into force on 1 January 2024 (except for certain provisions, which will take effect after the cancellation of martial law). Although the final text of the Amendments is not yet available, it has been reported that the key changes are aimed at: i) the implementation of additional antitrust rules to boost the leniency program in Ukraine, ii) the introduction of the concept of the infringer’s joint and
The Romanian regulatory context In recent years, the statute of limitations for criminal liability in Romania has been the subject of numerous debates among legal scholars and practitioners. This is because in 2018 the Romanian Constitutional Court rendered a binding decision declaring as unconstitutional, in part, the provisions of the Criminal Procedure Code on interrupting the statute of limitations for criminal liability. The Constitutional Court issued this binding decision because the Romanian legislator had failed to amend the respective provisions, and as a result has divided the jurisprudence of Romanian criminal courts into two camps of interpretation, namely: (i) one camp stating that the statute of limitations cannot
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Our Team📢 Meet us at the #CEE Property Forum 2023 in #Vienna, organised by Property Forum Events & News, on 20 – 21 September 2023. ➡️ This year’s edition promises to be the perfect place for real estate professionals who want to make their business even better, a perfect spot for #networking and #knowledge exchange. 🎤 Happy to have Victor Constantinescu, managing partner in #Romania and co-head of the firm-wide real estate practice, joining top-notch speakers in the panel 💡 "The big picture – #CEE #investment trends under the spotlight" on 📅 21 September, starting with 🕙 09:45. ⭐ Klara Stepankova, Partner in #Prague and co-head of the firm-wide real estate sector, Barnabás Sági, Managing Associate in #Budapest, and Dáša Labašová, Senior Associate in #Bratislava, will be part of our delegation. See you in #Vienna! #meettheteam #exceptionaltogether #realestateconference #realestate #CEEPropertyForum
🇭🇺 💼 Kinstellar is proud to announce that it has advised the #Swedish #appliances manufacturer #Electrolux Group on the successful #sale of its manufacturing facility in #Nyíregyháza, #Hungary, to the Swedish high-quality electric heat pumps manufacturer #Qvantum for a cash consideration of EUR 38 million. ✨ The Kinstellar team was led by Barnabás Sági, Co-Head of the #Budapest Real Estate service line, supported by Bertalan Ványa, Associate. The team also included Annamaria Csenterics (Partner), Anna Szilágyi (Junior Associate), Judit Sós (Associate), Péter Vörös (Partner), Gullai Péter (Managing Associate), Daniel Peter (Managing Associate), and Szabolcs Szilágyi (Junior Associate). 🔗 https://lnkd.in/d6Qqr5iC #donedeals #intheknow #transactionsHungary #divestment #leadinglawyers #leadinglawfirm
📢 🇨🇿 After a protracted process, the Chamber of Deputies has approved an amendment to the Czech #Labour Code. Although the Senate returned the #legislation with several amendments in back July, the Chamber of Deputies ultimately approved the amendment in its original wording. 💡 The amendment to the Labour Code will introduce significant changes, in particular to remote working, agreements on work performed outside #employment relationships, and to the electronic delivery of documents. 👇🏻 Click on the link below for more details on the changes to the Labour Code. In case of any questions, please do not hesitate to contact our Employment Law team Martina Mazurkova, Tereza Holubová. #intheknow #exceptionaltogether #leadinglawyers
🇭🇺 We are pleased to announce that Fanni Oroszi, LL.M has joined our #team in #Budapest to further strengthen our #Competition and #Compliance capabilities. 🙌 🗂️ Fanni is a seasoned lawyer with significant #Hungarian and #international experience. Before joining Kinstellar she worked at the #Brussels office of a leading #US law firm, prior to which she gained experience at two of the leading Hungarian competition law practices and at an international law firm’s Paris office. She has also spent time at the Hungarian Competition Authority and at the European Commission. Her practice focuses on all areas of competition law and State aid, Foreign Direct Investments and general compliance matters. 📃 Fanni graduated from Pázmány Péter Catholic University (Budapest), where she is currently a Phd. candidate, and earned her LL.M. degree at the College of Europe (Bruges). In addition, she has published an extensive list of legal articles, and is also holding lectures at universities. We are honoured and pleased to welcome Fanni to our team and wish her best of luck! #exceptionaltogether #leadinglawyers #competitionlaw
📢 🇨🇿 This week, the Czech president ratified the long-awaited draft Act on Preventive #Restructuring, which implements (albeit with a delay of more than a year) European Directive 2019/1023 on preventive restructuring. The Act is expected to come into force by the end of September 2023. 🚀 💼💡 The new law introduces a formalised form of preventive restructuring designed to help #distressed companies that are not yet legally insolvent, but which are heading in that direction. The principle of preventive restructuring sees an agreement reached between a distressed company and its major creditors in order to remedy its adverse financial situation and thus prevent insolvency while maintaining business operations. 📉 Unlike insolvency proceedings, preventive restructuring proceedings are not public (with few exceptions) and therefore do not carry the stigma of negative publicity. Furthermore, preventive restructuring is purely voluntary, whereas in the case of #insolvency, the statutory body is legally obliged to file an insolvency petition against the insolvent company. Preventive restructuring aims to be a useful legal instrument to remedy dire situations at distressed companies in a timely manner and to thus prevent mandatory post-insolvency proceedings (which can have much greater negative consequences for the debtor). For more information on whether preventative restructuring could be useful for your business, please contact Radim Kotrba or Václav Kment. Our team will be happy to provide further details and offer guidance on the entire process. #exceptionaltogether #PreventiveRestructuring #FinancialStability #CzechLaw 🇨🇿**
📢 🇨🇿 The Czech Republic should soon have its own #legal #regulation for #telemedicine. A government proposal is on its way to the Parliament to introduce a basic definition of telemedicine. Until now, there has been no legal definition, which in practice has led to many uncertainties and questions, including the possibility and conditions of provision by healthcare providers, but also, for example, the admissibility of reimbursement by health insurance companies. 💡 The proposed amendment to the Health Services Act should remove this uncertainty and will explicitly state that telemedicine is a legally permitted way of providing #health services and will set out the framework conditions. Telemedicine services are defined by the proposal as follows: ✔️ The remote provision of services by means of information and telecommunication technologies or a medical device; ✔️ The technical requirements for the quality and security of the communication are met, the communication channel is encrypted and the identity of the communicating parties is assured. Patient consent to record the communication is required. 📱 The main forms of telemedicine permitted by law should be medical consultations, assessment of imaging and telemonitoring. Certain telemedicine services may also be provided outside the healthcare facility (e.g. teleradiology, telepathology or telemonitoring). On the other hand, it is not envisaged that a separate authorisation could be granted only for the provision of telemedicine health services. The bill will now be discussed by the Parliament of the Czech Republic. It is expected to take effect on 1 January 2024. 👉🏻You can learn more about the current legal framework for telemedicine in the Czech Republic in our contribution to the IBA Healthcare and Life Science Law Committee telemedicine survey: https://lnkd.in/dVPMEZ8m
🔔 The first part of 2023 continued last year's trend of substantial changes to Romanian #labour #legislation. ➡️ Both Law no. 53/2003 on the Labour Code and Law no. 367/2022 on social dialogue have undergone several changes, some aimed at clarifying legal issues identified in practice and others at promoting flexibility at #work and work-life balance. 🔍 Discover our team’s comprehensive summary of the latest legislative changes in the article below, ✍🏻 written by Senior Associates Catalin Roman and Lidia Zarnescu, and Associate Rena Saftencu, coordinated by Partner Remus Codreanu. 👉🏻 https://lnkd.in/e7szxwWR #intheknow #leadinglawyers #leadinglawfirm #employmentlaw #worklifebalance
What an unforgettable summer evenings we had at Střecha Radost and by the Vltava river with our incredible Kinstellar Prague colleagues! It was a true delight to come together outside the office.
📢 🇨🇿 Kinstellar acted as the #Czech counsel for the initial purchasers and lenders in connection with the debut offering by BENTELER International AG of two senior secured high-yield #bonds due in 2028 with volumes of EUR 525 million and USD 500 million, together with the provision of a EUR 810 million syndicated term loan and a EUR 250 million revolving credit facility. 💡 The proceeds from the bond and the term #loan will be used to fully #refinance the existing #restructuring indebtedness of the BENTELER Group. 🌟 Headquartered in Salzburg, Austria, BENTELER Group is a global business dedicated to the conception and production of intricately crafted, customised components and modules tailored for the worldwide automotive sector, encompassing the dynamic realm of e-mobility. The Kinstellar team was led by Martina Březinová (Counsel) and included Jakub Šťastný (Senior Associate), Dominik Čtvrtníček (Junior Associate) and Kamil Blazek (Partner). #exceptionaltogether #donedeals #leadinglawyers https://lnkd.in/ecfSfjbS